Please use excel formulas!!

3 Data 4 Selling price per unit $50 5 Manufacturing costs: 6 Variable per unit produced 7 Direct materials $11 8 Direct labor $6 9 Vanable manufacturing overhead $3 10 Fixed manufacturing overhead per year $120,000 11 Selling and administrative expenses 12 Vanable per unit sold $4 13 Fixed per year $70,000 14 15 Year 1 Year 2 16 Units in beginning inventory 0 17 Units produced during the year 10,000 6,000 18 Units sold during the year 8,000 8,000 19 20 Enter a formula into each of the cells marked with a 7 below 21 Review Problem 1: Contrasting Variable and Absorption Costing 22 23 Compute the Ending Inventory 24 Year 1 Year 2 25 Units in beginning inventory 0 2 26 Units produced during the year 2 2 27 Units sold during the year ? 2 28 Units in ending Inventory 7 ? 29 30 Compute the Absorption Costing Unit Product Cost 31 Year 1 Year 2 32 Direct materials ? 7 33 Direct labor 2 2 34 Variable manufacturing overhead ? 2 35 Fixed manufacturing overhead 7 2 36 Absorption costing unit product cost 37 36 Construct the Absorption Costing Income Statement 39 Year 1 Year 2 40 Sales 7 2 41 Cost of goods sold 22 2 42 Gross margin 7 ? 43 Selling and administrative expenses 7 7 44 Net operating income ? ? 45 46 Compute the Variable Costing Unit Product Cost 47 Year Year 2 4 Direct materials 2 2 49 Direct labor 2 50 Varable manufacturing overhead 2 51 Variable costing unit product cost ? 52 Construct the Variable Costing Income Statement 54 Yeart 55 Sales 7 55 Variable expenses 52 Variable cost of goods sold 2 58 Variable selling and administrative expenses 7 7 59 Contribution margin Fixed expenses 61 Fixed manufacturing overhead 2 62 Fixed selling and administrative expenses 2 63 Net operating income 2 2 Year 2 7 2 2 2 7 ? ? Download the Applying Excel form and enter formules in all cells that contain question marks. For example, in cell B26 enter the formula - B17 After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the numbers in Review Problem 1 The LIFO inventory flow assumption is used throughout the problem. Check your worksheet by changing the units sold in the Data to 6,000 for Year 2. The cost of goods sold under absorption costing for Year 2 should now be $240,000. If it isn't check cell C41. The formula in this cell should be F(C26